A Saudi official revealed a plan to expand the tourism sector and attract domestic and foreign investment, noting that the Ministry of Investment will soon announce the size and number of new entertainment and tourism projects in the Kingdom for 2023.
Eng. Bahaa A. Abdulmajeed, business development manager for tourism and entertainment at the Ministry of Investment, told Asharq Al-Awsat that work was underway with the concerned authorities on an investment plan to develop the entertainment sector, which would identify the potentials, the incentives and the challenges facing private institutions.
Abdulmajeed pointed to major projects leading the sector, such as in Qiddiya and the Red Sea regions.
He added that the ministry’s plan seeks to compensate for the losses incurred during the Covid-19 pandemic.
“Our view of the entertainment and tourism sectors is comprehensive. We are working on plans to support the sector and increase local and foreign investments, in order to create new entertainment opportunities,” the official stated.
Meanwhile, SEA EXPO, the Saudi Entertainment and Amusement Exhibition, will be held on May 28-30 in Riyadh. The event brings together professionals from the world of entertainment and attraction under one roof, to effectively address real-industry challenges and devise actionable solutions.
The Kingdom is increasing efforts to expand its entertainment, cultural and leisure market into a multibillion-dollar industry as a part of its social and economic transformation, in line with Vision 2030.
“With plans from Saudi Entertainment Ventures, a subsidiary of the Public Investment Fund, to invest $13.3 billion to develop 21 integrated entertainment destinations in 14 cities, to the Saudi General Entertainment Authority issuing licenses for more than 24 theme parks and 421 entertainment centers, the outlook for Saudi Arabia’s entertainment, leisure and tourism market over the next seven years is overwhelmingly optimistic,” said Sarkis Kahwajian, SEA Expo director.
He added: “Saudi Arabia is unrivaled in its ability to rapidly grow and cultivate its entertainment and leisure industry, and at this year’s expo, we want to demonstrate through our summits and on the show floor how the industry has evolved over the last few years and showcase what it has to offer over the next decade.”
